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Savings

Big question, why are you still saving if you are in debt?

Why pay more than 3 or more times the interest rate on savings to borrow money, even of credit cards?

Have a look at you saving and see how much you have, where and what they are earning.

Since all savings are your money they can be called on to pay off high cost loans, but some savings plans are worth keeping such as;

• Plans that are low cost per month to maintain

• Those with life insurance or health protection built in

• Those will low "surrender values" for early settlement

• Those that are close to maturity and carry useful bonuses

Assess all elements of your savings, and draw up a short list of targets to cash in, check your records or ask the holder of the monies for a current statement or encashment information.

Some may require 1-3 months notice however this can be waived on application but you may loose some interest. Lost interest on savings for 1-3 months may be low compared with the high interest on loans and debts which the encashment is designed to repay.

As a rule if you have savings, stop saving more money and cash in.

Useful web sites

Using saving to pay off expensive debt http://www.debtadvicebureau.org.uk/